Shannah Shares: Are We In A Recession & Should I Care

Everyone's Talkin' Money

Shari Rash

Business, Self-improvement, Education

4.6 • 631 Ratings

🗓️ 26 June 2022

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this Shannah Shares episode, I'm tacking a topic that is on everyone's mind lately: are we in a recession and why should I care. I walk you through what a recession is, how it might impact you, and some thoughts on how to get yourself recession ready. Links Forbes Article: What Is a Recession Jaime Peters, Maryville University WSJ Article: Recession Probability Episode Sponsors Thanks to Chime for sponsoring the show. Get started with Chime today. Applying for a free account takes less than 2 minutes. Get started at chime.com/mymoney. Taking care of your employees is more important than ever. With Gusto, everything you need to hire, pay, manage, and support your hardworking team is in one modern solution: Gusto’s people platform. Get 3 months free when you sign up at gusto.com/mymoney. Thanks to My First Million for sponsoring the show. If you're the type of person who's like me and always thinking about new business ideas and startup ideas, start listening today to the My First Million podcast on any podcast player. Thanks to Open Door Capital for sponsoring the show. Go to https://odcfund.com/ to learn more. Thanks to Shopify for sponsoring the show. Shopify is more than a store. Connect with your customers. Drive sales. Manage your day-to-day. Go to http://www.shopify.com/mymoney for a FREE fourteen-day trial and get full access to Shopify’s entire suite of features. Thanks to Ladder for sponsoring the show. Go to http://www.Ladderlife.com/mymoney to see if you’re instantly approved for Life Insurance to provide for your family if the unthinkable happens. FOLLOW & SHARE Leave us an honest rating and review. Head to the podcast player you’re listening to this episode in to leave us a review. Reviews help us continue to grow and bring on more amazing guests. Thank you in advance! Love this episode? Share it with a few friends so they can learn these valuable money concepts as well. Be sure to FOLLOW and SUBSCRIBE to never miss an episode! Have a Shannah Shares question? Submit your question here https://bit.ly/shannahshares Follow Me on Instagram for more money tips and behind-the-scenes information https://www.instagram.com/everyonestalkinmoney/ See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Are we in a recession and should you really care in this episode of Shauna Shares?
0:24.2	Welcome to everyone's talking money podcast.
0:26.5	I'm your host, Shauna Game.
0:32.4	There's no judgment, no dumb questions, just smart conversations about you and your money.
0:35.0	So come on in and grab a seat.
0:36.6	Everyone is welcome here.
0:49.4	Hey, welcome back to the show. So, so good to have you here. These Sunday Shana Shares episodes are really a chance for me to tackle your listener questions and also to share some topics
0:56.2	that have been on my mind. If you have a question that you would love for me to answer on one
1:02.6	of these episodes, there's a link right in the show notes. You can go and fill it out. You can remain
1:07.8	anonymous. It's quite all right. I would just love to answer your questions. But this
1:13.7	episode is something that I really want to talk about because I have been asked this question
1:19.5	so many times. And then also I was thinking if I had a dollar for every time I've seen the
1:27.2	debate back and forth about whether we're
1:30.0	in a recession, headed for a recession, or aren't going to see a recession, well, I'd probably
1:36.4	be pretty rich right now. It feels like recession is what everybody is talking about. We moved somehow from COVID, we moved into inflation,
1:49.0	and now we moved into recession. So let's start here. What is a recession? Good question.
1:56.7	According to an article that I found in Forbes, it said that in 1974, economist Julius Schiskin,
2:04.0	I hope I'm pronouncing that correctly, came up with a few rules of thumb to define a recession.
2:09.7	The most popular was that we needed two consecutive quarters of declining GDP.
2:16.1	So a healthy economy expands over time. So two quarters in a row of
2:21.8	contracting output suggests that there are serious underlying problems. This definition of recession
2:28.5	has become a common standard over the years. So in economic terms, that is what a recession is. Let's talk about GDP.
	...

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